GA Marine Insurance Policy protects goods from the risk of loss, damage, and theft during transit by sea, land, and air from the port of origin
What are the types of Marine Insurance Policies in Kenya?
Marine insurance coverage is broadly divided into three categories namely:
a) Marine Hull Insurance Cover in Kenya
Marine Hull ensures risks associated with boats, canoes, dhows, vessels, ships
, and other marine vessels.
b) Marine Cargo Insurance Cover in Kenya
It covers shipments from starting point to the final
destination. The same insurance can cover any shipment by road, rail, or air.
c) Marine Third Party Liability.
This cover insures the vessel owner; vessel charterer in
respect of legal liabilities to third parties. It does not cover loss or damage
to the vessel.
What are the Institute cargo clauses in Marine Insurance Policy?
Institute cargo clauses come embedded in the marine policy. The clauses outline the perils that are covered in the policy in case of any loss or damage to the cargo.
There are three sets of institute cargo clauses:
- Institute cargo clauses A
ICC (A) states that the policy covers all risks of loss or damage to the subject-matter insured except as excluded
- Institute cargo clauses B
ICC (B) covers general average and salvage charges, adjusted, or determined according to the contract of affreightment and/or the governing law and practice, incurred to avoid or in connection with the avoidance of loss from any cause except those excluded
- Institute cargo clauses C
ICC (C) is the most restrictive in terms of its coverage and comes with a low premium
What is covered by Marine Insurance?
The marine insurance policy protects you against losses/damages to property caused by;
- Natural disasters like cyclones, earthquakes, lighting, etc.
- Man-made disasters like theft, violence & piracy of ships.
- Collision, overturning, or derailment of land conveyance
- Sinking of ships
- War
The Marine Insurance policy cover transits by;
Who Needs Marine Insurance policy in Kenya?
The Marine Insurance policy covers a wide range of industries including but not limited to;
- Pharmaceutical Industry
- Machine industry
- Electronics Industry
- Agricultural industry
- Floricultural Industry
- Fine Arts
- Food & Drinks Processors
- Consumer Goods Industry
- Vehicles Importation
